Trade and capital are important in the Asia region. Trade in the APEC region has been increasing, but the large rise in China’s exports has also been disturbing as it exhibits export substitution. The first two papers conclude that every economy has gained in trade, though some are more successful than others. And that rise in export has a lot to do with a rise in foreign direct investments. Macroeconomic stability is the pre-condition to growth. Empirical studies show that the lack of stability has encouraged capital to flee an economy. Similarly, a market-oriented, price-driven and matured financial market provides an alternative source of funding. The lesson in economic development is that success in economic growth requires both an externally friendly market environment as well as consistent and favourable internal policies.
1. Was Capital Fleeing Southeast Asia? Estimates from Indonesia, Malaysia, the Philippines and Thailand Edsel L. Beja, Jr.
2. How do the Asian Economies Compete with Japan in the US Market? Is China Exceptional? A Triangular Trade Approach Yushi Yoshida and Hiro Ito
3. Missing Links: Regional Reform for Asian Debt Capital Markets Paul Lejot, Douglas Arner and Liu Qiao
4. Stimulating Private Sector Development in China: The Emergence of Enterprise Development Centres in Liaoning and Sichuan Provinces Andrew Atherton and Alaric Fairbanks
5. Business Crisis and Management Fashion: Korean Companies, Restructuring and Consulting Advice Christopher Wright and Seung-Ho Kwon
6. Labour-intensive Industrialization in Hong Kong, 1950-70: A Note on Sources and Methods David Clayton